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57-633: Navy Federal Credit Union (or Navy Federal ) is an American global credit union headquartered in Vienna, Virginia , chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member (or retail) credit union in the United States, both in asset size and in membership. As of July 2024, Navy Federal has US $ 177 billion in assets and has 13.8 million members. Navy Federal

114-550: A one-person-one-vote system , regardless of the amount they might have invested. Credit unions see themselves as different from mainstream banks, with a mission to be community-oriented and to "serve people, not profit". Surveys of customers at banks and credit unions have consistently shown significantly higher customer satisfaction rates with the quality of service at credit unions. Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation. In

171-666: A certain threshold, such as the National Credit Union Administration ’s Share Insurance Fund or the Canada Deposit Insurance Corporation . Credit unions as such provide service only to individual consumers. Corporate credit unions (also known as central credit unions in Canada) provide service to credit unions, with operational support, funds clearing tasks, and product and service delivery. Credit unions often form cooperatives among themselves to provide services to members. A credit union service organization (CUSO)

228-434: A credit union than with a big bank. "Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from " corporate credit unions ", which serve other credit unions. Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in

285-422: A document that sets out a grant of rights or privileges. The term is used for a special case (or as an exception) of an institutional charter. A charter school , for example, is one that has different rules, regulations, and statutes from a state school. Charter can be used as a synonym for "hire" or "lease", as in the "charter" of a bus , boat or plane . A charter member (US English) of an organization

342-493: A half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $ 30 billion to $ 60 billion, while lending to small businesses overall during the same period declined by around $ 100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% more likely to be satisfied by

399-453: A handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 million members having been added since 2016. Leading up to the financial crisis of 2007–2008 , in 2006, 23.6% of mortgages from commercial banks were subprime , compared to only 3.6% of those from credit unions, and banks were two and

456-483: A non-sufficient funds fee lawsuit over breached member agreements where over 700,000 members were charged multiple insufficient funds fees. Navy Federal's field of membership is set by the National Credit Union Administration (NCUA). As with all federally-chartered credit unions, membership in Navy Federal is limited to individuals sharing the common bond defined in its credit union charter . Membership in Navy Federal

513-459: A small profit (i.e., in non-profit accounting terms, a "surplus") to remain in existence. According to the World Council of Credit Unions (WOCCU), a credit union's revenues (from loans and investments) must exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency. In the United States, credit unions incorporated and operating under

570-609: A state credit union law are tax-exempt under Section 501(c)(14)(A) . Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501(c)(1) . According to the World Council of Credit Unions (WOCCU), at the end of 2018 there were 85,400 credit unions in 118 countries. Collectively they served 274.2 million members and oversaw US$ 2.19 trillion in assets. WOCCU does not include data from cooperative banks , so, for example, some countries generally seen as

627-512: A total of 357 branches worldwide as of July 2024. In addition, members can make transactions through the CO-OP network of more than 30,000 ATMs in the U.S. and Canada without incurring surcharges or fees. Major banking competitors include Pentagon Federal Credit Union , and USAA . Navy Federal Credit Union engages in multiple charitable partnerships, including a decades-long relationship with Toys for Tots , dedicated to helping families surrounding

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684-552: A unique parish-based model for Quebec: the caisse populaire . In the United States, St. Mary's Bank Credit Union of Manchester, New Hampshire , was the first credit union. Assisted by a personal visit from Desjardins, St. Mary's was founded by French-speaking immigrants to Manchester from Quebec on 24 November 1908. Several Little Canadas throughout New England formed similar credit unions, often out of necessity, as Anglo-American banks frequently rejected Franco-American loans. America's Credit Union Museum now occupies

741-427: A university. The form of charter used varies by period and jurisdiction. A charter of " Inspeximus " (Latin, literally "We have inspected") is frequently a royal charter, by which an earlier charter or series of charters relating to a particular foundation (such as a monastery or a guild) was recited and incorporated into a new charter, usually in order to confirm and renew its validity under present authority. Where

798-415: A way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union. As of July 2024, the credit union had over 24,500 employees worldwide. Navy Federal, founded in 1933, has never had a layoff , choosing instead to move employees to other departments to avoid layoffs. It was ranked number 37 on the 2024 Fortune's 100 Best Companies to Work For list, which

855-575: Is an original member; that is, one who became a member when the organization received its charter. A chartered member (British English) is a member who holds an individual chartered designation authorized under that organization's royal charter. Anglo-Saxon charters are documents from the early medieval period in Britain which typically make a grant of land or record a privilege. They are usually written on parchment , in Latin but often with sections in

912-469: Is both a trade association for credit unions worldwide and a development agency . The WOCCU's mission is to "assist its members and potential members to organize, expand, improve and integrate credit unions and related institutions as effective instruments for the economic and social development of all people". EverythingCU.com is an online community of credit union professionals. In the United States, federal credit unions are chartered and overseen by

969-407: Is forced to declare insolvency, its assets are distributed to creditors (including depositors) in order of seniority according to bankruptcy law. If the total deposits exceed the assets remaining after more senior creditors are paid, all depositors will lose some or all of their initial deposits. However, many jurisdictions have deposit insurance that promises to reimburse members for funds lost up to

1026-546: Is generally a for-profit subsidiary of one or more credit unions formed for this purpose. For example, CO-OP Financial Services , the largest credit-union-owned interbank network in the United States, provides an ATM network and shared branching services to credit unions. Other examples of cooperatives among credit unions include credit counselling services as well as insurance and investment services. State credit union leagues can partner with outside organizations to promote initiatives for credit unions or customers. For example,

1083-484: Is limited to: Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of Defense. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Investment Services, which operates as a credit union service organization (CUSO). CUSOs were established by NCUA as

1140-510: Is produced by the Great Place to Work Institute. They were 95th in 2012, rose to 56th in 2013, 96th in 2014, 72nd in 2015, 44th in 2016, 29th in 2019 19th in 2020, 59th 2021, 76th in 2022, 53rd in 2023, and 37th in 2024. On March 1, 2024, Dietrich Kuhlmann was appointed President and CEO of Navy Federal Credit Union, succeeding Mary McDuffie. Navy Federal operates branches in many U.S. metro areas as well as in some overseas locations, comprising

1197-569: Is provided by not-for-profit or for-profit institutions, places the control over financial resources and their allocation in the hands of a small number of microfinance providers that benefit from the highly profitable sector. In the credit union context, " not-for-profit " must be distinguished from a charity. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits, so unlike charities, credit unions do not rely on donations and are financial institutions that must make what is, in economic terms,

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1254-843: The Commonwealth of Massachusetts . After being promoted by the Catholic Church in the 1940s to assist the poor in Latin America , credit unions expanded rapidly during the 1950s and 1960s, especially in Bolivia, Costa Rica, the Dominican Republic, Honduras, and Peru. The Regional Confederation of Latin American Credit Unions (COLAC) was formed and with funding by the Inter-American Development Bank credit unions in

1311-743: The Kingdom of Saxony into what are generally recognized as the first credit unions in the world. He went on to develop a highly successful urban credit union system. In 1864, Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied ) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations. The first credit union in North America,

1368-589: The National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks. State-chartered credit unions are overseen by the state's financial regulatory agency and may, but are not required to, obtain deposit insurance. Because of problems with bank failures in the past, no state provides deposit insurance and as such there are two primary sources for depository insurance –

1425-553: The UNI Financial Cooperation caisse in New Brunswick, are incorporated under federal charters and are members of the Canada Deposit Insurance Corporation . Charter A charter is the grant of authority or rights , stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty ), and that

1482-502: The United States (101 million), India (20 million), Canada (10 million), Brazil (6.0 million), South Korea (5.7 million), Philippines (5.4 million), Kenya and Mexico (5.1 million each), Ecuador (4.8 million), Australia (4.5 million), Thailand (4.1 million), Colombia (3.6 million), and Ireland (3.3 million). The countries with the highest percentage of credit union members in

1539-623: The United States Congress that states the mission, authority, and activities of a group. Congress issued federal charters from 1791 until 1992 under Title 36 of the United States Code . A municipal corporation is the legal term for a local governing body , including (but not necessarily limited to) cities , counties , towns , townships , charter townships , villages , and boroughs . Municipal incorporation occurs when such municipalities become self-governing entities under

1596-605: The Vienna, Virginia , headquarters, and a partnership with the National Hockey League 's Stick Tap for Service Program. Navy Federal has also made multiple disaster relief donations, most recently a $ 100,000 donation to United Way of West Florida , to assist communities near their Pensacola, Florida offices that were adversely affected by Hurricane Sally in October 2020. Navy Federal recently donated $ 100,000 through its Dollars for Doers program which, based on nominations from

1653-406: The terms of reference ) is provided by the sponsor to formally authorize the existence of a project. It provides a preliminary delineation of roles and responsibilities, outlines the project purpose and objectives, identifies key stakeholders, and defines the authority of the project manager. It serves as a reference of authority for future planning of the project. The project scope is developed from

1710-588: The Caisse Populaire de Lévis in Quebec , Canada, began operations on 23 January 1901 with a 10-cent deposit. Founder Alphonse Desjardins , a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly Can$ 5,000 in interest on a loan of $ 150 from a moneylender. Drawing extensively on European precedents, Desjardins developed

1767-551: The Indiana Credit Union League sponsors an initiative called "Ignite", which is used to encourage innovation in the credit union industry, with the Filene Research Institute. The Credit Union National Association (CUNA) is a national trade association for both state- and federally chartered credit unions located in the United States. The National Credit Union Foundation is the primary charitable arm of

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1824-659: The NCUA and American Share Insurance (ASI), a private insurer based in Ohio. In Canada, the majority of credit unions and caisses populaires are provincially incorporated and deposit insurance is provided by a provincial Crown corporation . For example, in Ontario up to CA$ 250,000 of eligible deposits in credit unions are insured by the Financial Services Regulatory Authority of Ontario . Federal credit unions, such as

1881-660: The Navy Federal banner. In May 2008, Navy Federal Credit Union widened its membership to include the entire Department of Defense , which made eligible all active duty, retired, and reserve Army , Navy , Marine Corps , and Air Force personnel, as well as contractor and civilian personnel within the Department of Defense. In March 2013, Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well. In 2020, Navy Federal Credit Union also expanded its membership to include Space Force members. In 2014, Navy Federal expanded its Vienna headquarters. As of July 2024, 5,100 employees worked at

1938-515: The Toys for Tots campaigns. In 2023, the credit union donated more than one million meals to servicemembers, veterans, and their families as a part of its recent military food insecurity campaign, No Plate Left Behind. Navy Federal Credit Union has received the following awards and honors: Credit union Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with

1995-507: The United States , with total assets nearly three times that of the second-largest US credit union. In 2017, Navy Federal Credit Union settled a class action lawsuit over millions of unwanted phone calls, many of which had gone to individuals who were not credit union members and specifically asked not to be contacted. NFCU settled a similar class action lawsuit in 2020 over unwanted text messages, paying out $ 9.25 million. In 2021, Navy Federal Credit Union settled another class action lawsuit over

2052-412: The United States' credit union movement and an affiliate of CUNA. The National Association of Federally-Insured Credit Unions (NAFCU) is a national trade association for all state and federally-chartered credit unions. Based outside of Washington, D.C., NAFCU's mission is to provide all credit unions with federal advocacy, compliance assistance, and education. The World Council of Credit Unions (WOCCU)

2109-537: The Vienna location. An increase in membership also led to three expansions: one at the credit union's San Diego location in 2010, where Navy Federal has 171 employees; one at the credit union's Pensacola location in 2015, where Navy Federal has 8,600 employees; and one at the Winchester Operations location in 2019 where Navy Federal has 2,400 employees. As of 2024, Navy Federal is by far the largest credit union in

2166-519: The association: "We would very much like such excellent constitutions to be established throughout our region. They would help to rescue people from evil and misery. A beautiful, great idea, a beautiful excellent constitution!" Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in

2223-441: The context of financial inclusion , credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most microfinance institutions. Credit unions differ from modern microfinance. Particularly, members' control over financial resources is the distinguishing feature between the cooperative model and modern microfinance. The current dominant model of microfinance, whether it

2280-473: The credit union's history that the NCUA has asked Navy Federal to merge with or absorb other credit unions that were experiencing financial or other difficulties. Members of these prior credit unions remained members of Navy Federal after the merger (following the NCUA's policy of "once a member, always a member"). In September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed , stating that joint operations would begin 4 October 2010 under

2337-562: The credit union. On July 17, 1947, the credit union was granted a federal charter as a credit union, named Navy Department Employees Federal Credit Union (NDEFCU). It also expanded membership to include all Navy personnel in the Washington, D.C., area, both military and civilian. In 1954, the credit union changed its charter again to open membership to Navy and Marine Corps officers everywhere, regardless of geographic location, and changed its name to Navy Federal Credit Union. Eventually, membership

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2394-549: The credit union’s employees, awards 100 nonprofits with grants. Navy Federal donated to U.S. Vets in November 2021 in honor of Veteran’s Month. During Navy Federal’s annual drive for the Marine Toys for Tots Foundation in the 2021 holiday season, members and employees donated over $ 20,000 and 20,000 toys to families in need. In 2022, Navy Federal’s members and employees donated over $ 33,000 and over 22,000 toys to families in need during

2451-516: The earth. These three types were royal colonies, proprietary colonies , and corporate colonies. A charter colony by definition is a "colony chartered to an individual, trading company, etc., by the British crown ." Although charter colonies were not the most prevalent of the three types of colonies in the British Empire, they were by no means insignificant. A congressional charter is a law passed by

2508-512: The economically active population were Barbados (82%), Ireland (75%), Grenada (72%), Trinidad & Tobago (68%), Belize and St. Lucia (67% each), St. Kitts & Nevis (58%), Jamaica (53% each), Antigua and Barbuda (49%), the United States (48%), Ecuador (47%), and Canada (43%). Several African and Latin American countries also had high credit union membership rates, as did Australia and South Korea. The average percentage for all countries considered in

2565-495: The laws of the state or province in which they are located. Often, this event is marked by the award or declaration of a municipal charter, a term used because municipal power was historically granted by the sovereign, by royal charter . Charters for chivalric orders and other orders, such as the Sovereign Military Order of Malta . In project management , a project charter or project definition (sometimes called

2622-462: The legal fiction that the King had granted it "voluntarily, and by the free exercise of [his] royal authority", in the manner of medieval charters. At one time a royal charter was the only way in which an incorporated body could be formed, but other means (such as the registration process for limited companies ) are generally now used instead. A university charter is a charter issued to create or recognise

2679-420: The local population. In 1987, the regional financial crisis caused a run on credit unions. Significant withdrawals and high default rates caused liquidity problems for many credit unions in the region. Credit unions and banks in most jurisdictions are legally required to maintain a reserve requirement of assets to liabilities. If a credit union or traditional bank is unable to maintain positive cash flow and/or

2736-626: The location of the home from which St. Mary's Bank Credit Union first operated. In November 1910 the Woman's Educational and Industrial Union set up the Industrial Credit Union, modeled on the Desjardins credit unions it was the first non-faith-based community credit union serving all people in the greater Boston area. The oldest statewide credit union in the United States was established in 1913. The St. Mary's Bank Credit Union serves any resident of

2793-405: The pioneers of credit unionism, such as Germany, France, the Netherlands and Italy, are not always included in their data. The European Association of Co-operative Banks reported 38 million members in those four countries at the end of 2010. The countries with the most credit union activity are highly diverse. According to WOCCU, the countries with the greatest number of credit union members were

2850-469: The project charter. In medieval Europe, royal charters were used to create cities (i.e., localities with recognised legal rights and privileges). The date that such a charter was granted is considered to be when a city was "founded", regardless of when the locality originally began to be settled. The Charter of 1814 , France's constitution during the Bourbon Restoration , was thus called to promote

2907-618: The recipient admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and it is that sense which is retained in modern usage of the term. In early medieval Britain, charters transferred land from donors to recipients. The word entered the English language from the Old French charte , via Latin charta , and ultimately from Greek χάρτης ( khartes , meaning "layer of papyrus"). It has come to be synonymous with

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2964-557: The regions grew rapidly throughout the 1970s and into the early 1980s. By 1988 COLAC credit unions represented four million members across 17 countries with a loan portfolio of circa US$ 0.5 billion. However, from the late 1970s onwards many Latin American credit unions struggled with inflation, stagnating membership, and serious loan recovery problems. In the 1980s donor agencies such as USAID attempted to rehabilitate Latin American credit unions by providing technical assistance and focusing credit unions' efforts on mobilising deposits from

3021-656: The report was 8.2%. Credit unions were launched in Poland in 1992; as of 2012 there were 2,000 credit union branches there with 2.2 million members. From 1996 to 2016, credit unions in Costa Rica almost tripled their share of the financial market (they grew from 3.7% of the market share to 9.9%), and grew faster than private-sector banks or state-owned banks in Costa Rica, after financial reforms in that country. "Spolok Gazdovský" ( The Association of Administrators or The Association of Farmers ) founded in 1845 by Samuel Jurkovič,

3078-488: The vernacular, describing the bounds of estates, which often correspond closely to modern parish boundaries. The earliest surviving charters were drawn up in the 670s; the oldest surviving charters granted land to the Church , but from the 8th century surviving charters were increasingly used to grant land to lay people . The British Empire used three main types of colonies as it sought to expand its territory to distant parts of

3135-463: Was opened to enlisted personnel as well. By April 1962, the credit union reached a milestone, becoming the biggest credit union in the world, a distinction which it still holds today. In 1977, the credit union moved into its current headquarters in Vienna, Virginia, eventually undergoing several major expansions of its facility there. In 2003, the credit union opened its membership further, to include Navy contractors. There have also been several times in

3192-528: Was originally incorporated on 17 January 1933 as the Navy Department Employees' Credit Union of the District of Columbia (NDCU). Only Navy Department employees who were members of the federal employees' labor union and members of their families were eligible to join. The next year, President Roosevelt signed into law the Federal Credit Union Act , which would eventually become the basis of business for

3249-546: Was the first cooperative in Europe (Credit union). The cooperative provided a cheap loan from funds generated by regular savings for members of the cooperative. Members of cooperative had to commit to a moral life and had to plant two trees in a public place every year. Despite the short duration of its existence, until 1851, it thus formed the basis of the cooperative movement in Slovakia. Slovak national thinker Ľudovít Štúr said about

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